Wait, an analysis by The AP shows that people are getting to keep more of their own money due to the tax cuts Republicans passed?
OH NO THE HORROR. WON’T SOMEONE THINK OF THE CHILDREN?!
An analysis by The AP shows the nation's six big Wall Street banks saved at least $3,590,000,000 in taxes last quarter, thanks to the recently enacted Trump tax law. https://t.co/vGpOve277J
— Kyle Griffin (@kylegriffin1) April 20, 2018
From the AP:
While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost to bank came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank’s tax rates going back to 2015.
Big publicly traded banks — such JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America — typically kick off the earnings season. Their reports for the January-March quarter are giving investors and the public their first glimpse into how the new tax law is impacting Corporate America.
Before the change in tax law, the maximum U.S. corporate income tax rate was 35 percent, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, due to their U.S.-centric business models. Before the Trump tax cuts, these banks paid between 28 to 31 percent of their income each year in corporate taxes.
They say all of this like it’s a bad thing.
Which cued up Obama lackey and fanboy Jon Favreau:
How many people could have health care for $3.59 billion? Child care? A college education? Housing? Food? https://t.co/dEZ0uU2bkp
— Jon Favreau (@jonfavs) April 20, 2018
It doesn’t matter, Jon, because …
It's. Not. The. Government's. Money. Dude. https://t.co/gJLGNlcVd3
— RBe (@RBPundit) April 20, 2018
Democrats simply don’t seem to understand that the money we make as Americans belongs TO US and our families, not the government. But hey, if he wants to write a check for others to have free healthcare, childcare, education, housing and food he should knock himself out, but to pretend that cutting taxes took these things away from others is disingenuous at best.
And really annoying.
You couldn’t make a website work with $1 billion dollars
— CITIZEN (@BBN_citizen) April 20, 2018
Awww yes, Obamacare.
Last quarter?? By my math that is a giveaway of $150M to each bank every month. WTF.
— Rob Meyer (@robpaulmeyer) April 20, 2018
IT’S THEIR MONEY, that’s WTF.
This makes us crazy.
Well, crazier than usual.